Zee Media Bureau
New Delhi: The Delhi High Court on Thursday accepted Nokia's plea for a direction to Income Tax department for lifting of the stay on transfer of assets in view of its USD 7.2 billion global deal with Microsoft.
A bench of justices Sanjiv Khanna and Sanjeev Sachdeva, which had reserved its order after hearing arguments from the mobile manufacturing company and the I-T department, pronounced the verdict today.
Nokia India Private Ltd's assets and accounts were frozen by the Income Tax department for alleged income tax evasion by the company.
Nokia's counsel had earlier argued that if the tax row was not resolved by December 12, its Finnish parent company Nokia Corp's deal with Microsoft may land in trouble.
The lawyer told the bench that in a similar tax matter in Brazil, an offer was made to the authorities there in the nature of bank guarantees, but they were only to the tune of 5 percent of the total tax demand in that country.
Here in India, the company was offering to deposit Rs 2250 crore in cash, the counsel said.
First Published: Thursday, December 12, 2013, 14:57